Ag markets were generally mixed around midday Friday

decrease font size  Resize text   increase font size       Printer-friendly version of this article Printer-friendly version of this article

Favorable weather is still weighing on grain futures around midday Friday. This week’s rain will very likely get recently planted corn off to a good start. Next week’s forecast sunshine will probably help as well, along with accelerating plantings in northern states. This week’s technical action also favors bears. July corn slipped 1.0 cent to $4.8325/bushel late Friday morning, while December lost 1.0 cent to $4.795.

Trade news favored new crop soy futures Friday morning. Deferred CBOT soy futures outperformed their old-crop counterparts Thursday night and continued doing so this morning. News that an unknown buyer had purchased 180,000 tonnes of beans for 2014/15 delivery is apparently supporting new-crop prices. Oil is surprisingly weak after the announced sale of 40,000 tonnes for 2013/14 delivery to China. July soybeans edged down 1.0 cent to $14.6925/bushel around midsession Friday, while July soyoil sank 0.27 cents to 40.77 cents/pound, and July soymeal stalled at $481.4/ton.

Weather is apparently exerting fresh pressure on the wheat markets. News out of Ukraine is seemingly confirming worries about crop plantings there, but it did little to support wheat prices this morning. Forecasts for weather very favorable for the domestic crop appeared to trigger fresh selling Friday morning. July CBOT wheat futures dropped 5.25 cents to $6.73/bushel just before lunchtime, while July KCBT wheat futures fell 12.5 cents to $7.665, and July MWE futures plunged 15.5 to $7.395.

Cattle traders may be balancing positions ahead of the COF report. Cattle futures rose Friday morning despite Thursday’s $2-$3/cwt cash losses. Bulls would probably point to concurrent wholesale firmness and discounts already built into CME futures, but traders may simply be evening up positions ahead of this afternoon’s monthly Cattle on Feed report. June cattle advanced 0.17 cents to 137.57 cents/pound in late Friday morning action, while December rose 0.05 to 144.27. Meanwhile, August feeder cattle ran up 0.25 cents to 192.67 cents/pound, and October rose 0.17 cents to 193.50.

Pork slippage may be weighing on the nearby hog contracts. CME bulls are still anticipating a sizeable seasonal advance during late spring and summer, since June-August futures are trading at major premiums to spot values. However, the cash and wholesale markets continue struggling, with today’s early pork weakness likely weighing on nearby futures. June hogs declined 0.30 cents to 119.12 cents/pound late Friday morning, but December rallied 0.55 cents to 94.42.

Buyers Guide

Doyle Equipment Manufacturing Co.
Doyle Equipment Manufacturing prides themselves as being “The King of the Rotary’s” with their Direct Drive Rotary Blend Systems. With numerous setup possibilities and sizes, ranging from a  more...
A.J. Sackett Sons & Company
Sackett Blend Towers feature the H.I.M, High Intensity Mixer, the next generation of blending and coating technology which supports Precision Fertilizer Blending®. Its unique design allows  more...
R&R Manufacturing Inc.
The R&R Minuteman Blend System is the original proven performer. Fast, precise blending with a compact foot print. Significantly lower horsepower requirement. Low inload height with large  more...
Junge Control Inc.
Junge Control Inc. creates state-of-the-art product blending and measuring solutions that allow you to totally maximize operating efficiency with amazing accuracy and repeatability, superior  more...
Yargus Manufacturing
The flagship blending system for the Layco product line is the fully automated Layco DW System™. The advanced technology of the Layco DW (Declining Weight) system results in a blending  more...
Yargus Manufacturing
The LAYCOTE™ Automated Coating System provides a new level of coating accuracy for a stand-alone coating system or for coating (impregnating) in an automated blending system. The unique  more...
John Deere
The DN345 Drawn Dry Spreader can carry more than 12 tons of fertilizer and 17.5 tons of lime. Designed to operate at field speeds up to 20 MPH with full loads and the G4 spreader uniformly  more...
Force Unlimited
The Pro-Force is a multi-purpose spreader with a wider apron and steeper sides. Our Pro-Force has the most aggressive 30” spinner on the market, and is capable of spreading higher rates of  more...
BBI Spreaders
MagnaSpread 2 & MagnaSpread 3 — With BBI’s patented multi-bin technology, these spreaders operate multiple hoppers guided by independent, variable-rate technology. These models are built on  more...

Comments (0) Leave a comment 

e-Mail (required)


characters left

Smooth Wall Grain Bins

Meridian’s SmoothWall bins are the ultimate storage bins, used to handle and store fertilizer, grain, feed and seed, and extend ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form